A) has broken above the 35 level, but this is likely because it bounced a bit from being oversold. It remains below 50 which is a indication and still has resistance at the 40 level.
B) The cream of the crop. B marks the head of a pattern in . You can see when the neckline was broken here, while simultaneously breaking a series of important EMAs, began it's slide. We would expect some sort of throw back to this neckline. This will be important in our trade setup later.
C) Here is our and . You can see the slight countertrend movement off the lower , and what now looks to be a . This entire move up is hitting resistance in the pitch fork, as well as the , and has formed entirely on declining . That's not a positive sign for continued upward momentum.
D) PSZ (Prior ) from way back when. I'm expecting a move down into this zone where it will coincide with support at the lower BB or lower median line. We may get a bounce down here, or more consolidation.
E) Decline Throughout
F) Declining & Still Negative
The one thing I didn't like here was the , and that the weekly chart shows that we may need a throwback before extended downward momentum. This is where that neckline comes into play. We may very well see a throwback to the 66 area before we are awarded with any serious downside momentum. However the weekly is also in a downtrend, reinforcing our outlook. I'm short a directional diagonal on this play, to take advantage of Theta decay, and let oil slowly drift lower in my favor until we reach that prior support and I debate what the next play will be. More downside, or a retracement? Maybe a renewed uptrend? Who knows?